Solvency II actuarial role lacks clarity, say critics

Regulatory changes in Europe recognise the importance of actuarial science but leave the role of actuaries themselves less clear. The result could be more expense and less consistency, say critics

Actuaries have always been essential to the insurance industry. Their analysis and quantification of risk is key to the ability to offer products that are affordable, from both the policyholder and business perspective. And, as the industry has evolved over the years, their expertise has become even more widely employed.

Solvency II recognises the importance of this, and enshrines a requirement for actuarial knowledge and skills in its rules. However, despite its core aim of harmonising practice